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Investing in Gold/Silver/Foreign Currency?
Posted on 1/12/21 at 12:08 pm
Posted on 1/12/21 at 12:08 pm
I know this is probably a played out topic on this board so my apologies for bringing it up again. But I think it's necessary.
During the Obama years I did everything I could to bet against the dollar. I invested in some gold ETF's as well as foreign currency. The last 4 years with Trump made me more confident in the value of the dollar so I converted all of my foreign currency back.
Sadly with Biden being installed and Democrats having control over Congress we know the money is going to start flowing. Stimulus to people (including illegal immigrants), failed states, failed cities, government organizations, foreign governments (for kickbacks) and who knows what else. Of course the only way to do this is to print money and we all know that means that it's only a matter of when, not if, inflation starts to kick in. Never mind that there have been talks of stripping the US dollar from being the world's reserve currency. Soon enough the US dollar might not be worth the paper it's printed on.
This time my approach is different. I have a little bit more money and I want to invest in physical gold, physical silver and foreign currencies. But I'll be honest, I'm a novice when it comes to investing in gold/silver/foreign currencies.
So here are my questions. What are the best places to buy physical gold and physical silver? What kind of safe should I invest in to store the physical gold and physical silver? What will be the best foreign currencies to invest in going forward?
During the Obama years I did everything I could to bet against the dollar. I invested in some gold ETF's as well as foreign currency. The last 4 years with Trump made me more confident in the value of the dollar so I converted all of my foreign currency back.
Sadly with Biden being installed and Democrats having control over Congress we know the money is going to start flowing. Stimulus to people (including illegal immigrants), failed states, failed cities, government organizations, foreign governments (for kickbacks) and who knows what else. Of course the only way to do this is to print money and we all know that means that it's only a matter of when, not if, inflation starts to kick in. Never mind that there have been talks of stripping the US dollar from being the world's reserve currency. Soon enough the US dollar might not be worth the paper it's printed on.
This time my approach is different. I have a little bit more money and I want to invest in physical gold, physical silver and foreign currencies. But I'll be honest, I'm a novice when it comes to investing in gold/silver/foreign currencies.
So here are my questions. What are the best places to buy physical gold and physical silver? What kind of safe should I invest in to store the physical gold and physical silver? What will be the best foreign currencies to invest in going forward?
This post was edited on 1/12/21 at 12:23 pm
4
Posted on 1/12/21 at 12:15 pm to TheForbiddenMan
Best place:
Just kidding.. I really don't know but will be following this thread to find out...
Just kidding.. I really don't know but will be following this thread to find out...
Posted on 1/12/21 at 12:15 pm to TheForbiddenMan
I am buying all the Iraqi dinars that I can find.
Posted on 1/12/21 at 12:26 pm to Jibbajabba
quote:
I am buying all the Iraqi dinars that I can find.
I'm assuming you're joking right? Not being serious? The Iraqi dinar is one of the last foreign currencies I would even think about looking at.
I was thinking about the Japanese Yen, Canadian Dollar and Australian Dollar. They all seem to be stable currencies that will rise against the US dollar. Not real confident in the Chinese Yuan as I could see them having to spend a lot of money to keep their economy (which even before Covid-19 was showing signs of faltering) going and they've shown no issue tanking their currency in the past. Not real confident in the Euro either as the same issues plaguing the U.S. will probably plague the EU as well.
This post was edited on 1/12/21 at 12:29 pm
Posted on 1/12/21 at 5:21 pm to TheForbiddenMan
He’s definitely joking.
Every nation/currency has warts atm. They’re all deeply intertwined as well, thus making it difficult to find true safety.
For example: you claim to fear the Chinese Yuan and yet think the Australian dollar will be strong. However, do you realize that a full third of Australia’s exports and seven percent of GDP is dependent on China? How do you think they’ll respond if/when that trade is disrupted?
Canada has problems as well. The western provinces are essentially subsidizing everyone else (especially secession-happy Quebec). They’re also staring down the barrel of a serious age-demographic squeeze.
Japan might be a decent bet. It’s difficult to say. They’ve also got a bad age-demographic but are socially much more stable.
Assuming the U.S. doesn’t descend into full-blown chaos/socialism it’s hard to believe but we’re still one of the best bets in town. I’m not saying I WOULDN’T be concerned or exploring other options, just that I’d be careful. It’s only going to get harder to move money around, foreign investors will be easy pickings if local governments get hungry, and the nets are drawing tighter on the international snowbirds who used to flit about.
Every nation/currency has warts atm. They’re all deeply intertwined as well, thus making it difficult to find true safety.
For example: you claim to fear the Chinese Yuan and yet think the Australian dollar will be strong. However, do you realize that a full third of Australia’s exports and seven percent of GDP is dependent on China? How do you think they’ll respond if/when that trade is disrupted?
Canada has problems as well. The western provinces are essentially subsidizing everyone else (especially secession-happy Quebec). They’re also staring down the barrel of a serious age-demographic squeeze.
Japan might be a decent bet. It’s difficult to say. They’ve also got a bad age-demographic but are socially much more stable.
Assuming the U.S. doesn’t descend into full-blown chaos/socialism it’s hard to believe but we’re still one of the best bets in town. I’m not saying I WOULDN’T be concerned or exploring other options, just that I’d be careful. It’s only going to get harder to move money around, foreign investors will be easy pickings if local governments get hungry, and the nets are drawing tighter on the international snowbirds who used to flit about.
Posted on 1/12/21 at 8:01 pm to TheForbiddenMan
quote:
The Iraqi dinar is one of the last foreign currencies I would even think about looking at.
That’s why it’s the smart move. Go against the grain.
Ask yourself, “What would Warren Buffet do?”
Posted on 1/12/21 at 8:16 pm to TheForbiddenMan
Dude off knots landing is all about it
This post was edited on 1/12/21 at 8:17 pm
Posted on 1/12/21 at 8:26 pm to TheForbiddenMan
quote:
Sadly with Biden being installed and Democrats having control over Congress we know the money is going to start flowing.
It never stopped flowing under Trump. He wasn’t exactly a fiscal conservative, but the saving grave was that every other country inflated their money supplies and the US performed some skillful monetary diplomacy.
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